Secured loans are now becoming more popular among all homeowners and other peoples who want to make some bigger expenses. Definitely on making a big expense you will always need some type of loan.
Secured loans will be the best choice for you at that point because they can be taken on any amount and their approval time is very fast. You can get a secured loan as quick as in two week time.
The best thing about secured loans is that their criteria are their low interest rate and long repayment terms. You can repay them on a long time.
If the borrower is ready to place collateral, then secured personal loans are the best option for the borrower. It fulfils the entire criterion that the borrower seeks in a loan.
Personal loans can be borrowed for any personal purpose such as debt consolidation, home improvement, education expense, car finance etc.
The rate of interest of a personal loan is very low as compared to other types of loans. This makes it a better choice for personal borrowers. If borrower can repay all the payments on exact time limit then there is no risk or threat to the security and your asset.
Another good point for secured personal loans is that, bad credit borrowers can also apply for a personal loan but they will get just a little bit higher interest rate due to bad credit. But a good research can be helpful to find low interest rate for bad creditors.
The Problem
The only problem for secured loans is that, if you cant repay your payments within your repayment time then youll get a risk to lose your asset. Because all secured loans are required to place the asset as a security. And loan provider may have the right to take your asset if you cant repay them. So you should always be careful while applying for a secured loan. Only apply if you think you can make your repayments within your repayment time.
Monday, October 1, 2007
Thursday, September 13, 2007
Secured personal loans : Get cheaper finance at easy provisions
In today’s extremely swift and demanding life, it becomes quite a task to keep a balance between demands and fulfilments. Therefore, man has evolved some ways to tackle some crunch financial situations. Loans are one of these options, which come handy, whenever we look forward to raise quick money. But, it would not be rational or sensible to run after any option without considering the pros and cons of that option. Undoubtedly, secured personal loans can be called the most reliable loan solutions in any sort of crunch financial situations.
There are certain benefits associated with secured personal loans, which make them one of the most favourite loan solutions among the plethora of other loan options such as:
· Easy to get: Secured personal loans are very easy to procure, as lenders always prefer to offer secured personal loans because of the involvement of collateral or security.
· Wider market: Secured personal loans have quite a wider market. Therefore, the borrower can easily get customised secured personal loans as per their financial capabilities and requirements.
· Secured personal loans for all: Secured personal loans can be obtained easily by self-employed and unemployed both, as these loans come with collateral.
· Easily accessible: People with bad credit history can easily go for secured personal loans. Actually, involvement of security makes the things easier for the lenders as they can repossess the property of the borrower, if he fails to repay the loan amount in the allocated period.
· Low rate of interest: Secured personal loans come with a low rate of interest due to involvement of security.
· Easy terms and conditions: Well, lenders do offer easy terms and conditions with secured personal loans.
· Longer repayment period: Secured personal loans come with a longer repayment period. Thus, the borrower gets enough time to repay the loan amount without feeling any extra burden.
Borrowers looking for secured personal loans can easily get all the prior information either by consulting a few lenders or by doing an online research. This would help the borrower to get all the detailed information. Thus, he can easily make up his mind before opting for secured personal loans.
There are certain benefits associated with secured personal loans, which make them one of the most favourite loan solutions among the plethora of other loan options such as:
· Easy to get: Secured personal loans are very easy to procure, as lenders always prefer to offer secured personal loans because of the involvement of collateral or security.
· Wider market: Secured personal loans have quite a wider market. Therefore, the borrower can easily get customised secured personal loans as per their financial capabilities and requirements.
· Secured personal loans for all: Secured personal loans can be obtained easily by self-employed and unemployed both, as these loans come with collateral.
· Easily accessible: People with bad credit history can easily go for secured personal loans. Actually, involvement of security makes the things easier for the lenders as they can repossess the property of the borrower, if he fails to repay the loan amount in the allocated period.
· Low rate of interest: Secured personal loans come with a low rate of interest due to involvement of security.
· Easy terms and conditions: Well, lenders do offer easy terms and conditions with secured personal loans.
· Longer repayment period: Secured personal loans come with a longer repayment period. Thus, the borrower gets enough time to repay the loan amount without feeling any extra burden.
Borrowers looking for secured personal loans can easily get all the prior information either by consulting a few lenders or by doing an online research. This would help the borrower to get all the detailed information. Thus, he can easily make up his mind before opting for secured personal loans.
Monday, August 27, 2007
Personal Loans - Is Early Repayment a Good Idea?
Reducing your overall debt level as much as possible is always a good idea, and is usually recommended as part of a budgeting plan. If you have some spare funds available, you might be tempted to clear your personal loan, as nearly all loan plans allow for full repayment before the term is over. However, there are a few things to bear in mind before deciding whether paying off your loan is the best use of your spare cash.
Firstly, loan providers make their profits by charging interest, and if you clear your loan early then you won't be paying the lender as much interest as you would if your loan went to its full term. Obviously, this means they will make less profit out of you, and so many lenders will write an early repayment penalty into the loan agreement to make sure that the arrangement is still profitable for them if you repay early.
This repayment penalty, also known as a redemption charge or a settlement fee, will often take the form of a percentage of the outstanding balance at the time you clear your loan, and depending on how early on in the repayment schedule you are, this could work out at quite a substantial amount. Check your credit agreement small print to see how much you could be charged, and see if this makes the prospect of early repayment quite as attractive.
If the fee is substantial, you could be better off by putting your spare funds to another more cost-effective use.
Most credit cards and other kinds of debt will charge a higher rate of interest than a personal loan, and so concentrating on reducing these first may be a better use for your money. By clearing your higher-interest debts first, your spare cash will be having the most beneficial effect.
Even if you don't have another debt to clear, you may find that there's a better way to use surplus cash than paying off a loan that features a high settlement fee. Investing in a high interest savings account or bond over the remaining term of your loan may earn you more in interest than the cost of a redemption charge, but when calculating this be sure to take account any taxes you'll have to pay on your investment return.
Finally, don't underestimate the importance of having a little money in reserve. If clearing your loan would leave you with very little spare cash, then an unexpected expense could push you back into the red. If this would mean you had to take out a new loan, then a new deal may work out to be more expensive than keeping your current loan to its original term.
To sum it up, paying off your loan is a commendable aim and to be recommended, but before you do so make sure that any settlement fee doesn't make early repayment uneconomical, that you couldn't use the money to reduce more expensive debts, and that by clearing your personal loan you won't be leaving yourself too short of money and in danger of going back into the red.
About the author: Nick is a contributing author for 1Stop Finance UK, where you can compare personal loans and credit cards.
Source : http://www.articlealley.com/article_61475_19.html
Firstly, loan providers make their profits by charging interest, and if you clear your loan early then you won't be paying the lender as much interest as you would if your loan went to its full term. Obviously, this means they will make less profit out of you, and so many lenders will write an early repayment penalty into the loan agreement to make sure that the arrangement is still profitable for them if you repay early.
This repayment penalty, also known as a redemption charge or a settlement fee, will often take the form of a percentage of the outstanding balance at the time you clear your loan, and depending on how early on in the repayment schedule you are, this could work out at quite a substantial amount. Check your credit agreement small print to see how much you could be charged, and see if this makes the prospect of early repayment quite as attractive.
If the fee is substantial, you could be better off by putting your spare funds to another more cost-effective use.
Most credit cards and other kinds of debt will charge a higher rate of interest than a personal loan, and so concentrating on reducing these first may be a better use for your money. By clearing your higher-interest debts first, your spare cash will be having the most beneficial effect.
Even if you don't have another debt to clear, you may find that there's a better way to use surplus cash than paying off a loan that features a high settlement fee. Investing in a high interest savings account or bond over the remaining term of your loan may earn you more in interest than the cost of a redemption charge, but when calculating this be sure to take account any taxes you'll have to pay on your investment return.
Finally, don't underestimate the importance of having a little money in reserve. If clearing your loan would leave you with very little spare cash, then an unexpected expense could push you back into the red. If this would mean you had to take out a new loan, then a new deal may work out to be more expensive than keeping your current loan to its original term.
To sum it up, paying off your loan is a commendable aim and to be recommended, but before you do so make sure that any settlement fee doesn't make early repayment uneconomical, that you couldn't use the money to reduce more expensive debts, and that by clearing your personal loan you won't be leaving yourself too short of money and in danger of going back into the red.
About the author: Nick is a contributing author for 1Stop Finance UK, where you can compare personal loans and credit cards.
Source : http://www.articlealley.com/article_61475_19.html
Thursday, August 2, 2007
Securing Needs….Secured Personal Loan For Bad Credit
People go for such loans when they are unable to meet their requirements from their own pockets. Secured personal loan for bad credit are for people lacking money to fulfill their personal needs. Specially meant for bad credit holder these loans are secured by asset or property of the borrower as collateral. The lender for secured personal loan for bad credit offers you lower interest rates and flexible repayment terms in presence of collateral. This collateral covers up for the risk of the lender.
Being a bad credit holder your credit applications for standard loans may get rejected but not with a secured personal loan with bad credit. These loans are available to following people with bad credit: Defaulters, arrears, CCJ’s and IVA’s, Bankrupts, Late payments, Non payments.
Secured personal loan for bad credit offers you with larger amounts up to ₤75000. This makes such loans fit any and every personal and professional requirement of the borrower. You can use the loans amount for buying properties, home, real estate, car or boat or bearing the expenses on home improvements, wedding, education, health and traveling needs or you can nourish your business proposals with a secured personal loan for bad credit. Also you can give your credit score a boost by clearing off all your existing debts through consolidation of debts.
Secured personal loan for bad credit are available in two forms: one offers you fixed interest rate plan and other offers variable interest rates. With a fixed interest rate, you are bound to repay all the installments at the same agreed interest rate. This ensures that the repayment amounts will never increase or decrease. However, in case of a variable interest rate, the interest rate varies depending upon the fluctuations in the market. It can be high as well as low.
You can easily apply for a secured personal loan for bad credit through online loan websites but you need to consider certain things before signing any agreement with the lender. These are:
•Hidden charges and application fee
•Confidentiality of your personal information
•What will be the amount for loan installments?
•Validity of the quote
•Penalties in case of non-payments or late payments
•Penalties for repaying the loan earlier then the term agreed
•Enquire the reputation of the lender in loan market
You can fill the application form for a secured personal loan by logging on to the lender’s website. Online availability of the loan removes the hassle of visiting the lenders personally. Also after getting the loan you are always kept updated about your transactions. This makes getting a secured personal loans for bad credit holders a smoother experience
About the Author:
Peter Taylor is a senior financial analyst at Bad Credit Secured Loan with an acumen for finance.To find bad credit secured loan UK,cheap secured loan, secured personal loan that best suits your need visit http://www.badcreditsecuredloan.net
Being a bad credit holder your credit applications for standard loans may get rejected but not with a secured personal loan with bad credit. These loans are available to following people with bad credit: Defaulters, arrears, CCJ’s and IVA’s, Bankrupts, Late payments, Non payments.
Secured personal loan for bad credit offers you with larger amounts up to ₤75000. This makes such loans fit any and every personal and professional requirement of the borrower. You can use the loans amount for buying properties, home, real estate, car or boat or bearing the expenses on home improvements, wedding, education, health and traveling needs or you can nourish your business proposals with a secured personal loan for bad credit. Also you can give your credit score a boost by clearing off all your existing debts through consolidation of debts.
Secured personal loan for bad credit are available in two forms: one offers you fixed interest rate plan and other offers variable interest rates. With a fixed interest rate, you are bound to repay all the installments at the same agreed interest rate. This ensures that the repayment amounts will never increase or decrease. However, in case of a variable interest rate, the interest rate varies depending upon the fluctuations in the market. It can be high as well as low.
You can easily apply for a secured personal loan for bad credit through online loan websites but you need to consider certain things before signing any agreement with the lender. These are:
•Hidden charges and application fee
•Confidentiality of your personal information
•What will be the amount for loan installments?
•Validity of the quote
•Penalties in case of non-payments or late payments
•Penalties for repaying the loan earlier then the term agreed
•Enquire the reputation of the lender in loan market
You can fill the application form for a secured personal loan by logging on to the lender’s website. Online availability of the loan removes the hassle of visiting the lenders personally. Also after getting the loan you are always kept updated about your transactions. This makes getting a secured personal loans for bad credit holders a smoother experience
About the Author:
Peter Taylor is a senior financial analyst at Bad Credit Secured Loan with an acumen for finance.To find bad credit secured loan UK,cheap secured loan, secured personal loan that best suits your need visit http://www.badcreditsecuredloan.net
Wednesday, July 11, 2007
Personal Loans for Bad Credit: Straightening Deformed Credit
You are looking for personal loans and what is the first question you face “how is your credit?” Alright it is bad. Personal loans for bad credit are an option but you feel like they are hard to find. There is good news for you. Personal loans for bad credit are getting approved. See how many lenders are offering personal loans for bad credit. Personal loans for bad credit are not only resolving your money problems but giving you an opportunity for restoring credit.
If you have fallen into the bad credit gap, there are possibilities that personal loans lender will understand your situation. There are good possibilities that they will have personal loans complimenting your situation. The things inseparable from personal loans with bad credit is higher interest rates or additional security (down payment). One of them will be attached to bad credit personal loans offered to you. Interest rates for personal loans for bad credit are usually dependent on credit score, presence of collateral, personal income, loan amount.
Personal loans for bad credit that are secured are generally easier to arrange. In fact bad credit personal loans that are likely to have lower interest rates, even lower than some unsecured debts. Interest rates for secured bad credit personal loans can be higher than standard mortgages but may not be the case always. If the amount of property, you are providing as collateral considerably exceeds the loan amount, the interest rates offered can be less.
Unsecured personal loans for bad credit will carry a little more in the form of interest rate than secured personal loans. The amount usually varies from £500-£25,000. The repayment usually spread from 6-10 years. The repayment term usually depends on the purpose of loan. Bad credit Personal loans will for holiday and car purchase will be for shorter loan term. With secured bad credit personal loans, you can borrow from £5,000-£75,000 with a repayment term of 5-25 years. With secured bad credit personal loans, you can borrow up to 125% of the property value.
Your personal circumstances have to be clearly presented in order to find personal loan for bad credit. Usually loan lenders rely on credit scoring to find out about bad credit. Therefore, knowing your credit score is essential. The better your score is the better rates you get for bad credit personal loans. Even two points lesser from your previous score can save thousands in terms of money. Legally, you have a right to get any false information corrected. Fair credit reporting act allows you to get any false bad credit information corrected.
Credit score is used to detect bad credit. Here is a general description of how credit scores are read. The criteria may vary from lender to lender.
Credit grade A+ to A- credit score of 660 to 670 or above. This means excellent credit. No credit problems from 2 to 5 years and no bankruptcy for the last 2-10years.
Credit grade B+ to B- credit score of 620 with no sixty day mortgage lates and 24-48 months since bankruptcy discharge.
Credit grade C+ to C- credit score of 580 with late payments, any late payment within 30-90 day range. This will include 12-24 months since bankruptcy discharge.
Credit grade D+ to D- credit score of 550 with Lots of missed payments and 12 months since bankruptcy discharge.
Credit grade E credit score of 520 or lower. This score is for a possible current bankrupt with poor payment record of many 30, 60 or 90 days late.
500-550 is bad credit. When a loan application is received, it is the standard practice of the lender or credit providers to check credit. They can very easily verify credit information and see if you have bad credit. So providing false information is absolutely prohibited. Being consistent with bad credit personal loans will contribute in recovering credit. If you are apprehensive that bad credit personal loans won’t be possibly. That is not true. If you think bad credit can only get loans, then perhaps you are unaware. Personal loans for bad credit have a new role; they are now responsibly improving credit.
Andrew baker has done his masters in finance from CPIT.He is engaged in providing free,professional,and independent advice to the residents of the UK.He works for the Secured loan web site loans fiesta for any type of loans in uk,secured loans,unsecured loans,debt consolidation loans please visit http://www.loansfiesta.co.uk
Article Source: http://EzineArticles.com/?expert=Andrew_Baker
If you have fallen into the bad credit gap, there are possibilities that personal loans lender will understand your situation. There are good possibilities that they will have personal loans complimenting your situation. The things inseparable from personal loans with bad credit is higher interest rates or additional security (down payment). One of them will be attached to bad credit personal loans offered to you. Interest rates for personal loans for bad credit are usually dependent on credit score, presence of collateral, personal income, loan amount.
Personal loans for bad credit that are secured are generally easier to arrange. In fact bad credit personal loans that are likely to have lower interest rates, even lower than some unsecured debts. Interest rates for secured bad credit personal loans can be higher than standard mortgages but may not be the case always. If the amount of property, you are providing as collateral considerably exceeds the loan amount, the interest rates offered can be less.
Unsecured personal loans for bad credit will carry a little more in the form of interest rate than secured personal loans. The amount usually varies from £500-£25,000. The repayment usually spread from 6-10 years. The repayment term usually depends on the purpose of loan. Bad credit Personal loans will for holiday and car purchase will be for shorter loan term. With secured bad credit personal loans, you can borrow from £5,000-£75,000 with a repayment term of 5-25 years. With secured bad credit personal loans, you can borrow up to 125% of the property value.
Your personal circumstances have to be clearly presented in order to find personal loan for bad credit. Usually loan lenders rely on credit scoring to find out about bad credit. Therefore, knowing your credit score is essential. The better your score is the better rates you get for bad credit personal loans. Even two points lesser from your previous score can save thousands in terms of money. Legally, you have a right to get any false information corrected. Fair credit reporting act allows you to get any false bad credit information corrected.
Credit score is used to detect bad credit. Here is a general description of how credit scores are read. The criteria may vary from lender to lender.
Credit grade A+ to A- credit score of 660 to 670 or above. This means excellent credit. No credit problems from 2 to 5 years and no bankruptcy for the last 2-10years.
Credit grade B+ to B- credit score of 620 with no sixty day mortgage lates and 24-48 months since bankruptcy discharge.
Credit grade C+ to C- credit score of 580 with late payments, any late payment within 30-90 day range. This will include 12-24 months since bankruptcy discharge.
Credit grade D+ to D- credit score of 550 with Lots of missed payments and 12 months since bankruptcy discharge.
Credit grade E credit score of 520 or lower. This score is for a possible current bankrupt with poor payment record of many 30, 60 or 90 days late.
500-550 is bad credit. When a loan application is received, it is the standard practice of the lender or credit providers to check credit. They can very easily verify credit information and see if you have bad credit. So providing false information is absolutely prohibited. Being consistent with bad credit personal loans will contribute in recovering credit. If you are apprehensive that bad credit personal loans won’t be possibly. That is not true. If you think bad credit can only get loans, then perhaps you are unaware. Personal loans for bad credit have a new role; they are now responsibly improving credit.
Andrew baker has done his masters in finance from CPIT.He is engaged in providing free,professional,and independent advice to the residents of the UK.He works for the Secured loan web site loans fiesta for any type of loans in uk,secured loans,unsecured loans,debt consolidation loans please visit http://www.loansfiesta.co.uk
Article Source: http://EzineArticles.com/?expert=Andrew_Baker
Tuesday, June 19, 2007
How to arrange personal loans ?
Personal loans provide you an opportunity to take care of your financial paucity. Wide availability and competitive rates add to the popularity of such loans.
Human needs are endless. You can’t expect that your each and every wish will materialise. However, personal loans can help you fulfil many of your financial needs. The versatility of these loans cannot be doubted. Your life may not be smooth; a lot of ifs and buts may be there; but these loans are always smooth and flawless, helping you out in most of the situations.
Many people take out a personal loans to overcome these problems. These loans are commonly used to pay the pending credit card bills and store card bills. The interest rate charged by credit card companies is much higher than the one charged against personal loans. Therefore, many people take these loans and use it to repay the bills.
The modern version of personal loans – online personal loans – makes the loan process a lot easier. Using an online loan application, you can apply for a loan and tell the lender about your financial requirements. The lender may come up with a plan that is suitable to your needs. A better way to take out a personal loan is to apply with several lenders so that you can have a choice to make a good decision.
Many people are using personal loans to improve their homes. A survey conducted by Dynamic Markets for GE Money Home Lending in May shows that how people can increase the value of their homes. The survey lists top ten improvements that can be done to increase your home’s value. If you carry out a loft conversion, it will help you in adding 22,300 pounds to your home on an average. Similarly, you can use personal loans in various other ways and make the most out of them.
Human needs are endless. You can’t expect that your each and every wish will materialise. However, personal loans can help you fulfil many of your financial needs. The versatility of these loans cannot be doubted. Your life may not be smooth; a lot of ifs and buts may be there; but these loans are always smooth and flawless, helping you out in most of the situations.
Many people take out a personal loans to overcome these problems. These loans are commonly used to pay the pending credit card bills and store card bills. The interest rate charged by credit card companies is much higher than the one charged against personal loans. Therefore, many people take these loans and use it to repay the bills.
The modern version of personal loans – online personal loans – makes the loan process a lot easier. Using an online loan application, you can apply for a loan and tell the lender about your financial requirements. The lender may come up with a plan that is suitable to your needs. A better way to take out a personal loan is to apply with several lenders so that you can have a choice to make a good decision.
Many people are using personal loans to improve their homes. A survey conducted by Dynamic Markets for GE Money Home Lending in May shows that how people can increase the value of their homes. The survey lists top ten improvements that can be done to increase your home’s value. If you carry out a loft conversion, it will help you in adding 22,300 pounds to your home on an average. Similarly, you can use personal loans in various other ways and make the most out of them.
Monday, June 4, 2007
Secured homeowner loans: make your home a true 'asset' for yourself
The market for secured loans is becoming quite lucrative day by day. Increase in bad debt in case of unsecured loans has instilled the fear of losing the money among the lenders. Even a slight problem in credit rating and repayment capability may lead to rejection of a loan application. This has led to more and more people opting for secured homeowner loans. These loans are immensely popular owing to their easy availability, easy approval and flexible terms and conditions.
Secured homeowner loans are sanctioned against some valuable asset, such as home. Thus, secured loans are an attractive financial solution available for the UK homeowners to cater to their needs. Submission of security reduces the risk on the part of the lender. The home serves as the guarantee of repayment. As a result, the lender knows that there is no risk of losing the money.
The loan amount that can be applied in case of secured homeowner loans depends upon the home equity. The lender does a survey of the home or any other property to assess its value. The lender needs to be sure that the home equity value quoted by an applicant is correct and is sufficient enough to recover the applied loan amount.
The lender also takes into account the future potential value of property while sanctioning the loan amount. That is why a homeowner can borrow money up to 125% of the home equity value. There are some potential extra fees associated with the processing of secured homeowner loans. You may be required to bear the cost of property evaluation necessary for loan approval. If you are arranging the loan through a broker, then you need to pay some amount of broker fee to the broker.
Lenders emphasize significantly on the repayment capability of an applicant while sanctioning the loan. The applicant, if employed, needs to show bank statements for the last three months. The lender may also call or write to the employer to verify the employment stability of the person.
So, the homeowners have a great opportunity in the form of secured loan to encash their home equity and make their 'dreams' real.
Secured homeowner loans are sanctioned against some valuable asset, such as home. Thus, secured loans are an attractive financial solution available for the UK homeowners to cater to their needs. Submission of security reduces the risk on the part of the lender. The home serves as the guarantee of repayment. As a result, the lender knows that there is no risk of losing the money.
The loan amount that can be applied in case of secured homeowner loans depends upon the home equity. The lender does a survey of the home or any other property to assess its value. The lender needs to be sure that the home equity value quoted by an applicant is correct and is sufficient enough to recover the applied loan amount.
The lender also takes into account the future potential value of property while sanctioning the loan amount. That is why a homeowner can borrow money up to 125% of the home equity value. There are some potential extra fees associated with the processing of secured homeowner loans. You may be required to bear the cost of property evaluation necessary for loan approval. If you are arranging the loan through a broker, then you need to pay some amount of broker fee to the broker.
Lenders emphasize significantly on the repayment capability of an applicant while sanctioning the loan. The applicant, if employed, needs to show bank statements for the last three months. The lender may also call or write to the employer to verify the employment stability of the person.
So, the homeowners have a great opportunity in the form of secured loan to encash their home equity and make their 'dreams' real.
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